Common use of Substantial Condemnation Clause in Contracts

Substantial Condemnation. In the event of any Condemnation of all of the Premises or so much thereof that the remainder is insufficient to permit the continued operation of Lessee's business thereon, even if restored to an architectural unit under the provisions of this Lease (any such event being a "Substantial Condemnation"), then Lessee may, within 90 days after the Substantial Condemnation, deliver to Lessor a notice (a "Termination Notice") of its intention to terminate this Lease on the next date for payment of Basic Rent occurring not less than 120 days after delivery of the Termination Notice (the "Termination Date"). If the Termination Date occurs during any Extended Term, then this Lease and the term hereby granted shall cease and expire on the date when possession of the Premises or such portion thereof shall be taken, and all rents, taxes and other charges shall be prorated and paid to such date. If Lessee does not deliver a Termination Notice pursuant to the foregoing provisions, then this Lease shall remain in full force and effect and Lessor shall make the Net Proceeds of the Compensation available to Lessee to repair or restore the Premises.